You may or may not have sufficient primary insurance, but I highly doubt your PERSONAL umbrella policy covers business pursuits, no matter how hands on you are.

I would make the decision based on the math and protect for contingencies, i.e. make sure you have sufficient funds to complete the remodel (I like 2x to be safe) and have a plan if things get delayed or the market changes to make sure you don't get stuck with the higher rate for too long.

Good afternoon,I have clients that are currently interested in a triplex property and qualify without an issue but the property itself does not pass the FHA self-sufficiency test without one of the unit’s income, since it has to be owner occupied for FHA due to one of my clients having a foreclosure on their credit that won't be removed until March of next year.

Now I get it that there is this undercurrent that goes around that its the easiest to get into and takes the least amount of capital.. but I also think the vast majority with limited capital spend it lose it and never do anything.. 

I was saying the vast majority of pet friendly rentals in my market are.

Kirsten Braddock besides the other things people have mentioned I think you’re vastly underestimating the amount of time this would take.

I form partnerships normally in order to buy Brooklyn, NYC properties and I had bought several properties in NYC during the 2010 to 2017 period.Again, I want to state that this is my PERSONAL results so I don't want you to think this is the overall results in a vast area called the NYC MSA.

Essentially the same offense, vastly different outcomes on paper.

well part and parcel of most contracts is marketable title .. this title right now is not marketable if they don't have the money or there is not sufficient equity to pay the liens then its a sale fail.  

However, always protect yourself with sufficient insurance coverage and good contracts if you're operating as a general partnership/joint venture.